Today is the big day for the United Kingdom. Some compare it to the infamous D-Day, though the only similarity is that it´s the beginning of an unnecessary struggle.
It´s going to be a packed day; London trading session opens in a few hours, although there´s no particular time when they might kick off, if they do.
The Prime Minister will hold a cabinet meeting between 8 am and 10 am, then at around 11 am, PM May will take questions at the House of Commons. We might see some market movement during this time.
An hour later, May´s office will deliver the letter to EU´s Donald Tusk. Earlier today/yesterday, Tusk announced that he will make a speech after receiving the leave note from the UK.
The chances are that the speech will include mostly sorrows about broken hearts, but there might be some volatility during his conference, so watch out.
The Pound has extended its decline this morning, so we feel even more left out from that long term sell trade in GBP/USD.
The retrace of the long term downtrend is not over yet, I hope, nevertheless this is quite a fall in just a few trading sessions. Hope we´re still in time to catch a big move here.
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